September 6, 2024 (Investorideas.com Newswire) Crude Futures rebounded slightly in the early session following a large decline in U.S. crude inventories and OPEC+'s decision to delay planned production hikes. Initially set for October, OPEC+ has postponed easing production cuts until December, aiming to stabilise prices due to weakening global demand in China and the U.S. Despite this, oil prices set up for a third consecutive weekly loss as economic uncertainties continue affecting market sentiment.
Traders' caution is heightened due to mixed economic indicators from the U.S., particularly with the upcoming NFP report likely to influence the Federal Reserve's decision on interest rates during their next meeting. Wider interest rate cuts could help support demand for oil and a stronger rebound in prices.
Looking ahead to next week, attention will first turn to core inflation figures on Wednesday, which are expected to remain unchanged at 0.2% followed by the PPI data on Thursday and the Michigan Consumer Sentiment report on Friday. Improved consumer sentiment could support higher oil prices, though crude prices may still face resistance in the short term on the back of global demand concerns.
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